Mylan (MYL): Cutting PT Despite Guidance Reiteration On Generic Visibility Worsening - RBC
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RBC Capital analyst, Randall Stanicky, reiterated his Sector Perform rating on shares of Mylan (NASDAQ: MYL) and cut his price target to $44 after the company missed 3Q revenue and EPS but reaffirmed full year as well as the 2018E target of $6.00 - 2017 outlook will be delivered at the analyst call in Feb.
The call was focused on generic outlook and MYL's insistence on steady mid-single digit erosion and shelter from peer-related competitive headwinds. The analyst stated "we do think MYL has a more defendable business given breadth, diversification and scale but we also think that (i) 2017 generic sector visibility is worsening in general (with MCK/WMT bid cycle ahead) and (ii) competitive pressures are increasing and that, combined with declining Epipen contribution, will add pressure to MYL's consolidated margin in 2017".
The new $44 PT is down from $48.
Shares of Mylan closed at $38.92 yesterday.
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